Mining stocks rally as BTC nears $80K, with MARA up 7% and IREN gaining on Microsoft and NVIDIA cloud deals.
Crypto mining stocks surged Tuesday as Bitcoin (BTC) approached $80,000, a level not seen in over three months. Marathon Digital (MARA) led gains with a 7% jump to $11.93, while TeraWulf (WULF) and IREN (IREN) climbed 5% each to $16.21 and $41.67, respectively.
The rally follows BTC’s push above $80K, though the cryptocurrency later dipped below that mark. Year-to-date, MARA has risen 25%, TeraWulf 35%, and IREN 5%, reflecting Bitcoin’s dominance as the primary driver. IREN’s gains were bolstered by $9.7 billion in Microsoft deals and $3.4 billion in NVIDIA cloud agreements, differentiating it from peers.
The Global X Data Center & Digital Infrastructure ETF (DTCR) trailed with a 2% gain to $28.48, underscoring the outsized moves in mining stocks. Analysts note the sector’s sensitivity to Bitcoin’s price swings remains a key factor in performance dispersion.